Lean hogs were down the limit at times on Friday, but saw June closing a tick off of it, with most contracts down $1.95 to $3.725 on Friday. April futures expired today. USDA’s National Average Base Hog price was down 45 cents in the Friday afternoon report at $86.60. The CME Lean Hog Index was another $1.06 higher at $89.84 on April 10.
Managed money extended their large net long in the hog market, adding 15,803 contracts of futures and options during the week that ended on April 9. They held their largest net long since October 2013 at 92,731 contracts on Tuesday.
USDA’s National Pork Carcass Cutout Value was back down 9 cents in the Friday PM report, at $101.20. The loin, rib, and ham primals were reported lower. USDA estimated this week’s federally inspected hog slaughter at 2.485 million head. That is 64,000 head above last week and a 58,000 head increase from the same week last year. Pork production this week was up 1.4% from last year at 534.6 million lbs.
Apr 24 Hogs closed at $90.875, down $0.575,
Jun 24 Hogs closed at $102.075, down $3.725
Jul 24 Hogs closed at $104.250, down $3.375,
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